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HomeMy WebLinkAboutSubordination Agreement (2) __ RECORDING REQUESTED BY 201-8038540 LAWYERS TITLE Tommy Gong San Luis Obispo - County Clerk-Recorder 09/18/2018 11:52 AM Recorded at the request of Order No.718570063 PUBLIC Escrow No.72596 Loan No.Na Titles: 1 Pages: 8 Fees: $117.00 Taxes: $0.00 Total: $117.00 Requested by and WHEN RECORDED MAIL TO: 1 "it City of Arroyo Grande 300 E. Branch Street Arroyo Grande, CA 93420 Attn: City Clerk SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY SUBORDINATION AGREEMENT NOTICE:THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made this 10th day of September , 2018 by Matthew McElhenie and Melissa McElhenie,trustees of the Matthew McElhenie and Melissa McElhenie Revocable Living Trust dated June 27,2017 , owner of the land hereinafter described and hereinafter referred to as"Owner", and The City of Arroyo Grande, present owner and holder of the deed of trust first hereinafter described and hereinafter referred to as "Beneficiary"; WITNESSETH That whereas,Owner has executed a deed of trust, dated April 14,2011 , Instrument No. 2011021541 to City of Arrovo Grande as trustee, covering: Legal description attached hereto and made a part hereof as Exhibit A (APN:_007-019-025 to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated April 14,_2011 , in favor of Beneficiary; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $ 55,110.00 dated September 11.2018 in favor of Ji-Liang Wann,a single man , hereinafter referred to as"Lender", payable with interest and upon the terms and conditions described therein,which deed of trust is also to be recorded concurrently herewith; and WHEREAS, Lender is willing to make said loan provided the deed of trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the deed of trust first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the lien or charge of said deed of trust in favor of Lender; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall,when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust first above mentioned. NOW THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood, and agreed as follows: (1)That said deed of trust securing said note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the deed of trust first above mentioned. (2)That Lender would not make its loan above described without this subordination agreement. (3)That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of lender above referred to and specifically described, any prior agreement as to such subordination including, but not limited to, those provisions, if any, contained in the deed of trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. Beneficiary declares, agrees, and acknowledges that (a)He consents to and approved (i)all provisions of the note and deed of trust in favor of Lender above referred to,and (ii)all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part; (c) He intentionally and unconditionally waives, relinquishes, and subordinates the lien or charge of the deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Lender above referred to and understands that in reliance upon, and in consideration of,this waiver, relinquishment and subordination specific loans and advances are being and will be made and,as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination;and (d)An endorsement has been placed upon the deed of trust first above mentioned that said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender above referred to. NOTICE:THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF LAND. The Matthew McElhenie and Melissa McElhenie Revocable Trust dated June 27, 2017 City of Arroyo Grande Matthew McElhenie,Trustee Signal in Counter-hr �rr� Ben '*rer, Melissa McElhenie, Trustee Ci 4- rVla.n Qv 4r ".JgIY� .r9ma.nl (ALLY SIGNATURES MUST BE ACKNOWLEDGED) r CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE§ 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness,accuracy,or validity of that document. State of California County of SPuu LUIS a /3 IS PO Ke ) In /, , / D On - / z-/ 8 before me, LL INETIna2e, AIDTe f id Ll C Date Here sert Name and Title of the Officer personally appeared J MAE A. 36-egiGt "// Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies),and that by his/her/their signature(s)on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. KELLY WETMORE WITNESS my hand and official se.I. Notary Public-California Z ` San Luis Obispo County Commission#2181303 " M Comm.Expires Feb 21,2021 / L �l l j`I My Signature �„�_. _. � � , , , Si•'na' re of Notary Public Place Notary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: ❑ Corporate Officer — Title(s): ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑Attorney in Fact ❑ Individual ❑Attorney in Fact ❑Trustee ❑ Guardian or Conservator ❑Trustee ❑Guardian or Conservator ❑Other: ❑ Other: Signer Is Representing: Signer Is Representing: ©2014 National Notary Association •www.NationalNotary.org • 1-800-US NOTARY(1-800-876-6827) Item#5907 NOW THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood, and agreed as follows: (1)That said deed of trust securing said note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the deed of trust first above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the deed of trust first above mentioned to the lien or,charge of the deed of trust in favor of lender above referred to and specifically described, any prior agreement as to such subordination including, but not limited to, those provisions, if any, contained in the deed of trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. Beneficiary declares, agrees, and acknowledges that (a) He consents to and approved (i)all provisions of the note and deed of trust in favor of Lender above referred to, and(ii)all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part; (c)He intentionally and unconditionally waives, relinquishes, and subordinates the lien or charge of the deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Lender above referred to and understands that in reliance upon, and in consideration of,this waiver, relinquishment and subordination specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination;and (d)An endorsement has been placed upon the deed of trust first above mentioned that said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender above referred to. NOTICE:THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES;THAN IMPROVEMENT OF LAND. The Matthew McElhenie and Melissa McElhenie R vocable Trust dated June 27, 2017 City of Arroyo Grande Matthew McElhenie, Trustee Signed in Counter-Pans All CSC ,sem Beneficiary Melissa McElhenie, Trustee J �S � ��nST( SIGNATURES MU BE ACKNOWLEDGED) • CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE§1189 S•<tf e-,e...4 ,— , /-7•••;• ,.;,k'`�.-W,es'-'S1,F'�',Fa arf fi�-,te W. r,—.s fi �`�.FZcrf��c -v;• ," _ •,1 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness,accuracy,or validity of that document. State of California ) County of <1,—"..1 S. 013r Sin) ) - Bjom C Stringham,Notary Public On COE( '( ' Yin before me, , Date I Here Insert Name and Title of the Officer personally appeared ltA, I�-lte,�l AA'.�Ltle-r 'e_I ;SSC. 1/1A € Ll►eivtr Name(s).of Signer(s) , who proved to me on the basis of satisfactory'evidence to -be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged .to-me that he/she/they executed the same in his/her/their authorized capacity(ies),and that by his/her/their.signature(s)on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.u"' BJORN C.STRINGHAM WITNESS my hand and official seal. �;•.�;• Comm.#2118646 0 E=,;24. :0 Notary Public•California / Santa Barbara County Signature v � ;II Comm.Expires July 6.2019 E Signature of Notary Public Place Notary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: El Corporate Officer — Title(s): 0 Corporate Officer — Title(s): ❑Partner — El Limited El General ❑Partner — 0 Limited ❑General ❑Individual El Attorney in Fact ❑Individual El Attorney in Fact El Trustee El Guardian or Conservator 0 Trustee El Guardian or Conservator ❑Other: El Other: Signer Is Representing: Signer Is Representing: .,V,,,,,4,1 W.V.S.,•!/: .��•: ✓g.•, ..,:-.Y4�6�V.,!G�V,I(. 1,ti�.', ::,..-N.ll:\L6;L:-.,;,,,,,,,A :".., .•`S.•✓i•✓ ✓i t/q•A'i`d:er,,,: .:-✓: ©2014 National Notary Association •www.NationalNotary.org • 1-800-US NOTARY(1-800-876-6827) Item#5907 Lawyers Title Company Lawyers Title 16755 Von Karman, Ste. 100 �, Irvine, California 92606 Phone: (949)223-5575 PENALTY OF PERJURY AFFIDAVIT (GOVERNMENT CODE 27361.7) I certify under the penalty of perjury that the notary seal on the document to which this statement is attached reads as follows: Name of the Notary: KELLY WETMORE Date Commission expires: FEB 21,2021 County Where Bond is Filed: SAN LUIS OBISPO Commission No.: 2181303 Manufacturer/Vendor No.: NNA1 Place of Execution: Irvine, Ca. Date: September 17, 2018 Signature: `- LAWYERS TITLE COMP: Y I further certify under the penalty of perjury that the illegible portion of the document to which this statement is attached reads as follows (if applicable): Date: September 17, 2018 Signature: LAWYERS TITLE COMPANY �} Lawyers Title Company .Lawyers Title 16755 Von Karman, Ste. 100 is Lvine, California 92606 Phone: (949)223-5575 PENALTY OF PERJURY AFFIDAVIT (GOVERNMENT CODE 27361.7) I certify under the penalty of perjury that the notary seal on the document to which this statement is attached reads as follows: Name of the Notary: BJORN C. STRINGI-IAM Date Commission expires: JULY 6,2019 County Where Bond is Filed: SANTA BARBARA Commission No.: 2118648 ManufacturerNendor No.: DPE1 Place of Execution: Irvine, Ca: Date: September 17, 2018 Signature: LAWYERS TITLE COM ANY I further certify under the penalty of perjury that the illegible portion of the document to which this statement is attached reads as follows (if applicable): Date: September 17, 2018 Signature: LAWYERS TITLE COMPANY EXHIBIT "A" All that certain real property situated in the County of San Luis Obispo, State of California, described as follows: PARCEL 1: PARCEL B OF PARCEL MAP AGAL 10-0075, IN THE CITY OF ARROYO GRANDE, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED OCTOBER 26, 2010 IN BOOK 74, PAGES 48 THROUGH 50 INCLUSIVE OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. EXCEPT THEREFROM THE MINERALS, OIL, GAS, AND OTHER HYDROCARBON SUBSTANCES LYING BELOW THE SURFACE OF SAID LAND. PARCEL 2: A NON-EXCLUSIVE EASEMENT FOR INGRESS, EGRESS, PRIVATE WATER, SEWER, DRAINAGE AND PUBLIC UTILITY PURPOSES OVER THOSE CERTAIN PORTIONS OF PARCEL C OF PARCEL MAP AGAL 10-0075 PER MAP FILED IN BOOK 74 PAGES 48 THROUGH 50 INCLUSIVE OF PARCEL MAPS; PARCEL A OF CERTIFICATE OF COMPLIANCE RECORDED APRIL 11, 2011 AS INSTRUMENT 2011017722 AND PARCEL B OF CERTIFICATE OF COMPLIANCE RECORDED APRIL 11, 2011 AS INSTRUMENT 2011017723 AS SAID EASEMENT IS SHOWN AND DEPICTED ON PARCEL MAP AGAL 10-0075 IN THE COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA AS PER MAP_ EILED_IN BOOK 74 PAGES 48 THOUGH 50 INCLUSIVE OF PARCEL MAPS IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY AS "EASEMENT FOR RECIPROCAL INGRESS, EGRESS, PRIVATE WATER, SEWER, DRAINAGE AND P.U.E. PER THIS MAP". PARCEL 3: A NON-EXCLUSIVE EASEMENT FOR ACCESS, INGRESS AND EGRESS AS DESCRIBED IN THAT CERTAIN EASEMENT GRANT DEED RECORDED DECEMBER 8, 2006 AS 2006086701 OF OFFICIAL RECORDS. ASSESSOR'S PARCEL NUMBER: 007-019-025 END OF DOCUMENT